-- Posted Tuesday, 14 May 2013 | | Disqus
| Close | Gain/Loss |
Gold | $1425.40 | -$6.00 |
Silver | $23.36 | -$0.24 |
XAU | 104.63 | -1.12% |
HUI | 269.52 | -1.18% |
GDM | 796.35 | -1.03% |
JSE Gold | 1471.58 | +4.47 |
USD | 83.59 | +0.31 |
Euro | 129.38 | -0.37 |
Yen | 97.77 | -0.50 |
Oil | $94.21 | -$0.96 |
10-Year | 1.952% | +0.029 |
T-Bond | 143.71875 | -0.90625 |
Dow | 12215.25 | +0.82% |
Nasdaq | 3462.61 | +0.69% |
S&P | 1650.34 | +1.01% |
The Metals:
Gold climbed $14 to $1445.40 in Asia before it fell back to $1421.48 by a little after 8:30AM EST and then bounced back higher at times in New York, but it still ended with a loss of 0.42%. Silver slipped to as low as $23.129 and ended with a loss of 1.02%.
Euro gold fell to about €1102, platinum gained $19.30 to $1497.80, and copper fell 7 cents to about $3.29.
Gold and silver equities fell about 1% by midafternoon and remained near that level for the rest of the day.
The Economy:
Report | For | Reading | Expected | Previous |
Export Prices | Apr | -0.7% | - | -0.5% |
Export Prices ex-ag. | Apr | -0.5% | - | -0.3% |
Import Prices | Apr | -0.5% | - | -0.2% |
Import Prices ex-oil | Apr | -0.2% | - | -0.1% |
Fed Says U.S. Household Debt Declined to 2006 Level Bloomberg
NFIB survey shows that small business owners were slightly more upbeat in April Fox News
Tomorrow brings PPI, Empire Manufacturing, Net Long-Term TIC Flows, Industrial Production, Capacity Utilization, and the NAHB Housing Market Index.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell after the International Energy Agency referred to the surge in North American production as a “supply shock” that’s sending “ripples throughout the world.”
The U.S. dollar index rose along with the Dow, Nasdaq, and S&P while treasuries fell on optimism about decent economic growth.
Among the big names making news in the market today were Blackberry, Dish, Statoil, and Tesla.
The Commentary:
“I spent yesterday at the “Metals & Mining Investment Conference” in New York City. I’ve been going to that show since the early 1990s. With no disrespect to the show organizers (they to a first-rate job), it was without a doubt the most depressing gold show I ever been to given its location and prices of metals themselves.
To start with, these shows are normally heavily-tilted to the bullish side. This time around, you could cut the bearishness with a knife. Ironically (and in my mind, a very bullish sign), two of the more ardent bears for the last decade (one of whom has made pretty much the same speech for the last decade that gold is over-priced by several hundred dollars… and has missed the first decade run-up), really piled on why they believe the bull market in gold has ended. Amazingly, the crowd which usually tends to be overly bullish was shaking their head in agreement and flocked to them after they were done speaking.
I appeared on a panel later in the day with one of them and while it was a very cordial exchange, I noted to the crowd this show had a bull’s versus bear’s debate every year and one could never find a bear. This time around, I was clearly the lone bull (and to those who say full of bull…).
The show also confirmed what I already experience by hearing from many readers interested in my alternative to traditional financial planning process and my own feelings – the retail mining and exploration shareholder is badly beaten up, depressed and looking for an out to end the suffering. This makes me think that even when we eventually have a rally, the rally will not induce new buying as much as it will be an opportunity to lessen this burden of ownership.
Only because I said it before and it proved to be just a “Gadhafi-like line in the sand move, I just can’t imagine the sentiment getting any worse. That’s the good news. The bad news is there’s nothing to say it can’t stay this bad and without a dramatic turnaround in the price of gold, I don’t see how the shares can rally much for the balance of 2013-UGH!”- Peter Grandich, Grandich Letter
GATA Posts:
Gene Arensberg: U.S. banks buy gold futures in dramatic position change
Shell targeted with BP, Statoil in European oil-price probe
Charles Schwab complains of Fed's manipulation of markets
Gold buying becomes frantic in India, strongest since 2008
CFTC launches broad investigation of energy and metals derivatives
Paul Craig Roberts: Gold market rigging exposes a gangster state
The Statistics:
As of close of business: 5/13/2013
Gold Warehouse Stocks: | 7,943,332.836 | -54,808.95 |
Silver Warehouse Stocks: | 165,001,269.624 | +112,361.724 |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange Arca (NYSE Arca) AND Singapore Exchange (SGX) AND Tokyo Stock Exchange (TSE) AND Hong Kong Stock Exchange (HKEx) | SPDR® Gold Shares | 1051.646 | 33,811,468 | US$48,465m |
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) | Gold Bullion Securities | 138.13 | 4,441,056 | US$6,340m |
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) AND NYSE Euronext Amsterdam | ETFS Physical Gold | 152.66 | 4,908,200 | US$8,004m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.16 | 358,789 | US$512m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 42.45 | 1,364,715 | US$2,214m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU) Total Tonnes in Trust: 194.20: +0.37 change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 10,440.40: No change from yesterday’s data.
The Miners:
Freeport’s (FCX) tunnel collapse, McEwen’s (MUX) drill results, Great Panther’s (GPL) new director, and Pan American Silver’s (PAAS) first quarter silver production were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Eurasian | EMXX +5.16% $1.63 |
2. Aurizon | AZK +3.49% $3.86 |
3. Comstock | LODE +3.08% $2.01 |
LOSERS
1. Solitario | XPL -6.98% $1.20 |
2. Banro | BAA -5.17% $1.10 |
3. New Gold | NGD -3.72% $6.99 |
Winners & Losers tracks NYSE and AMEX listed gold and silver mining stocks that trade over $1.
Please see Yahoo’s Mining/Metals News Wire for all of today’s mining news.
- Chris Mullen, Gold Seeker Report
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-- Posted Tuesday, 14 May 2013 | Digg This Article | Source: GoldSeek.com